HC Deb 27 January 1975 vol 885 cc60-2W
Mr. Denzil Davies

asked the Chancellor of the Exchequer what, at the latest available date, was the average weighted depreciation of the £ sterling against the seven other currencies of the EEC since the Washington Currency Agreement of December 1971.

Mr. Dell

At close on Thursday 23rd January, the percentage changes in the exchange rate of the £ sterling against the other EEC currencies since the Smithsonian agreement of December 1971 were as follows:

Deutschemark -33.8
Guilder -31.6
Belgium/Luxembourg Franc -28.7
Danish Kroner -28.2
French Franc -23.3
Lira +0.5

Changes in the effective depreciation of sterling are usually calculated in relation to changes in the major world currencies

No Previous Gifts
Value of Asset Transferred (after all Tax) Combined Value of Asset and Tax Paid by Donor Tax Payable Tax Payable as Proportion of Asset Transferred
£ £ £ percentage
20,000 … … … … 20,588 588 2.94
30,000 … … … … 33,000 3,000 10.00
40,000 … … … … 46,786 6,786 16.96
50,000 … … … … 62,083 12,083 24.17
60,000 … … … … 78,750 18,750 31.25
70,000 … … … … 96,817 26,817 38.31
80,000 … … … … 116,500 35,500 45.62
90,000 … … … … 138,333 48,333 53.70
100,000 … … … … 161,875 61,875 61.87
125,000 … … … … 224,375 99,375 79.50
150,000 … … … … 286,875 136,875 91.25
175,000 … … … … 349,375 174,375 99.64
200,000 … … … … 411,875 211,875 105.94
225,000 … … … … 474,375 249,375 110.83
250,000 … … … … 542,143 292,143 116.86
275,000 … … … … 613,571 338,571 123.12
300,000 … … … … 685,000 385,000 128.33
350,000 … … … … 827,857 477,857 136.53
400,000 … … … … 970,714 570,714 142.68
450,000 … … … … 1,132,500 682,500 151.67
500,000 … … … … 1,299,167 799,167 159.83
550,000 … … … … 1,465,833 915,833 166.51
600,000 … … … … 1,632,500 1,032,500 172.08
650,000 … … … … 1,799,167 1,149,167 176.79
700,000 … … … … 1,965,833 1,265,833 180.83
750,000 … … … … 2,159,000 1,409,000 187.87
800,000 … … … … 2,359,000 1,559,000 194.87
850,000 … … … … 2,559,000 1,709,000 201.06
900,000 … … … … 2,759,000 1,859,000 206.56
950,000 … … … … 2,959,000 2,009,000 211.47
1,000,000 … … … … 3,159,000 2,159,000 215.90

and the weights used take account of competition in third countries as well as bilateral trade. It would therefore be misleading to use them on a regional basis. I am not sure what other weights my hon. Friend has in mind.